Leadership

In today's times, physician leadership is critical.

The Imperative of Strong Physician Leadership in Today's Medical Practice

It should be no surprise to hear me say that today's medical practice, whether solo or group, needs strong physician leadership. This crazy healthcare enviroment we all practice in demands it. When I look at leadership, I first look at whether or not a leader has the ability (and capability) to make really tough decisions. Here are some of the tough decisions I see being made (most of which are contested by other physicians and/or administration):

1. Cutting overhead when overhead needs to be cut.

2. Adding new revenue sources even though it means more costs initially.

3. Eliminating unproductive employees.

4. Standing up to physicians when one or more wants to change the compensation formula AGAIN.

5. Deciding whether to merge the practice or not.

6. Terminating an unprofitable managed care relationship.

7. Eliminated unproductive physician extenders.

8. Creating and implementing a strategic plan.

9. Implementing a costly EMR system that will benefit the practice in the future.

In addition to make tough decisions, a leader must also have strategic vision.  How can the practice be positioned in the future to ensure its success and pay the physician(s) a level of compensation that is desirous? This often requires an ability to pull the practice and its physician(s) kicking and screaming in to the future. From my current perspective and experiences, there are not a lot of physician leaders with this ability nor are there many physician leaders who can make really tough decisions. I hope this changes soon.

For expert guidance on tough decisions and strategic planning for your medical practice, reach out to REED TINSLEY, CPA. Contact us today to learn how we can help your practice thrive.

About the Author

Reed Tinsley CPA

This article is written by Reed Tinsley, a Houston, TX-based CPA with over 30 years of experience advising physicians and medical practices across Texas and the United States. Reed holds certifications as a Certified Valuation Analyst (CVA), Certified Healthcare Business Consultant (CHBC), and Certified Financial Planner (CFP), specializing exclusively in the healthcare sector. He is a published author, nationally recognized speaker, and trusted advisor to physicians on accounting & tax, practice management, and financial planning. Schedule a Free Consultation.